Bank of America® Cash Rewards Credit Card Review – $200 Bonus and 3% Back

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Overview

If you don’t have a right credit card to pay for day to day expenses such as gas or groceries, you could be missing out on some big rewards. The Bank of America® Cash Rewards credit card is one such card which rewards you on purchases at places such as online shopping, dining, travel, grocery stores, wholesale clubs, gas stations, and more, allowing everyday spenders to earn cash back and essentially saving you money on your daily expenses.

The Bank of America® Cash Rewards credit card also gives a $200 sign-up bonus along with no annual fee. Unlike many other rewards cards, there are no rotating categories to keep track of and you can earn even bigger bonuses just for being a Bank of America customer. These features, along with the rewards program, can make this cash rewards card one of the most valuable credit cards to carry.

  • No annual fee
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
  • Now earn 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases
  • You can update your choice category for future purchases once each calendar month using the Mobile Banking app or Online Banking, or do nothing and it stays the same
  • No expiration on rewards
  • 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% - 26.24% Variable APR will apply. A 3% fee (min $10) applies to balance transfers
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase
Intro APR
0% on Purchases and qualifying Balance Transfers
Intro APR Period
12 billing cycles
Regular APR
16.24% - 26.24% Variable APR on purchases and balance transfers
Annual Fee
$0

Card Benefits

$200 Cash Back Bonus

With the Bank of America® Cash Rewards credit card, card members can earn a $200 cash back bonus just for using their card. All you have to do to get the bonus is spend $1,000 with your card in the first 90 days after opening your account. Earning the $200 bonus is like getting a 20% discount on your first $1,000 in purchases and it’s an easy way to put more cash back in your pocket.

Rewards Program

On top of the new member bonus, you’ll earn cash back rewards everywhere you go. The card pays you 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 2% back on purchases at grocery stores and wholesale clubs. There is a cap of $2,500 in combined choice category/grocery store/wholesale club purchases per quarter. After that, those purchases earn 1% cash back. For all other purchases, you’ll automatically earn 1 percent cash back with no cap on how much cash back you can earn. You can request your cash back as a statement credit, check, or electronic deposit into a Bank of America® or Merrill Lynch Cash Management® Account. The best part is, your rewards never expire so you can use them whenever you like.

Loyalty Bonus

If you are a Bank of America Preferred Rewards customer, your rewards bonus can be between 25% and 75% of your base cash rewards. There are 3 tiers in the Preferred Rewards program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America® banking and/or Merrill Edge® and Merrill Lynch® investment accounts. Depending on your eligible tier of Preferred Rewards, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards. The following chart shows the qualification requirement of minimum balance and rewards for Gold, Platinum, Platinum Honors tiers of Preferred Rewards.

Preferred Rewards Tier Eligibility Requirement Rewards Bonus Cash Rewards for the Tier
Gold $20,000 in combined balance of qualifying accounts 25%
  • 3.75% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 2.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.25% cash back on other purchases
Platinum $50,000 in combined balance of qualifying accounts 50%
  • 4.5% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 3% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.5% cash back on other purchases
Platinum Honors $100,000 in combined balance of qualifying accounts 75%
  • 5.25% cash back in the spending category of your choice, and 3.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.75% cash back on other purchases

Interest and Fees

The Bank of America® Cash Rewards credit card carries no annual fee, so it won’t cost you anything to earn cash back. As an added perk, new members pay zero interest on purchases and qualified balance transfers for an extended period of 12 billing cycles, which is great if you plan on making a large purchase or transferring a high interest balance to the card. After the intro period ends, the go-to rate of 16.24% - 26.24% Variable applies.

Is this the right card for you?

With no annual fee and an easy-to-understand rewards structure, the Bank of America® Cash Rewards credit card is a great choice if you want to get more cash back on the things you buy every day. If you’re already a Bank of America® customer, you won’t want to miss out on the additional bonuses the card offers.

Similar Cash Back Credit Cards

If you are interested in the Bank of America® Cash Rewards credit card, you may also consider a few other cash back credit cards with similar benefits.

Credit CardsPurchase APRTransfer InfoAnnual Fee Credit Level
Wells Fargo Cash Wise Visa® Card

0% intro APR
for 12 months

16.24% - 28.24% (Variable) APR after that

0% intro APR
for 12 months

16.24% - 28.24% (Variable) APR after that

$0

Good / Excellent CreditLearn MoreView Card Details
  • Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months
  • Earn unlimited 1.5% cash rewards on purchases
  • Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
  • No category restrictions or sign ups and cash rewards don't expire as long as your account remains open
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® Card
  • 0% Intro APR for 12 months on purchases and balance transfers (fees apply), then a 16.24%-28.24% variable APR; balance transfers made within 120 days qualify for the intro rate and fee
  • $0 Annual Fee
  • Select "Apply Now" to learn more about the product features, terms, and conditions
Capital One® Savor® Cash Rewards Credit Card

16.74% - 25.74% (Variable) APR

16.74% - 25.74% (Variable) APR

$0 intro for first year; $95 after that

Excellent, Good CreditLearn MoreView Card Details
  • Earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
  • Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020.
  • Receive a monthly statement credit for a Postmates Unlimited monthly membership through Dec. 2019 with the Capital One Savor Card
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • No foreign transaction fees
  • Capital One cardholders get access to premium experiences in dining, entertainment and more
  • $0 intro annual fee for the first year, $95 after that
Bank of America® Business Advantage Cash Rewards Mastercard®

0% intro APR
for 9 billing cycles

14.49% - 24.49% Variable APR after that

14.49% - 24.49% Variable APR

$0

Excellent CreditLearn MoreView Card Details
  • Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening - with no annual fee, no cap on the amount of cash rewards you can earn and they don't expire.
  • Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases.
  • 0% Introductory APR on purchases for your first 9 billing cycles.
  • Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
  • Get a 75% rewards bonus on every purchase when you're a Business Advantage Relationship Rewards Platinum Honors tier client. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
HSBC Cash Rewards Mastercard®

0% intro APR
for 12 months

15.24%, 19.24% or 25.24% Variable* APR after that

Rates & Fees

0% intro APR
for 12 months

15.24%, 19.24% or 25.24% Variable* APR after that

$0

Excellent, Good CreditLearn MoreView Card Details
  • Earn unlimited 1.5% cash rewards on all purchases.
  • Earn an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases
  • 10% Anniversary Bonus on all Cash Rewards earned once a year.
  • No Annual Fee.
  • 0% Intro APR for 12 months on purchases and balance transfers, then a 15.24%, 19.24% or 25.24% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply.
Capital One® Quicksilver® Cash Rewards Credit Card

0% intro APR
for 15 months

16.24% - 26.24% (Variable) APR

0% intro APR
for 15 months

16.24% - 26.24% (Variable) APR

$0

Excellent, Good CreditLearn MoreView Card Details
  • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase, every day
  • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 16.24%-26.24% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 16.24%-26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • Pay no annual fee or foreign transaction fees
Capital One® SavorOne℠ Cash Rewards Credit Card

0% intro APR
for 15 months

16.24% - 26.24% (Variable) APR

0% intro APR
for 15 months

16.24% - 26.24% (Variable) APR

$0

Excellent, Good CreditLearn MoreView Card Details
  • Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
  • Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 16.24% - 26.24% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 16.24% - 26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • No foreign transaction fee
  • No annual fee
  • Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months
  • Earn unlimited 1.5% cash rewards on purchases
  • Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
  • No category restrictions or sign ups and cash rewards don't expire as long as your account remains open
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® Card
  • 0% Intro APR for 12 months on purchases and balance transfers (fees apply), then a 16.24%-28.24% variable APR; balance transfers made within 120 days qualify for the intro rate and fee
  • $0 Annual Fee
  • Select "Apply Now" to learn more about the product features, terms, and conditions
  • Earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
  • Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020.
  • Receive a monthly statement credit for a Postmates Unlimited monthly membership through Dec. 2019 with the Capital One Savor Card
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • No foreign transaction fees
  • Capital One cardholders get access to premium experiences in dining, entertainment and more
  • $0 intro annual fee for the first year, $95 after that
  • Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening - with no annual fee, no cap on the amount of cash rewards you can earn and they don't expire.
  • Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases.
  • 0% Introductory APR on purchases for your first 9 billing cycles.
  • Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
  • Get a 75% rewards bonus on every purchase when you're a Business Advantage Relationship Rewards Platinum Honors tier client. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
  • Earn unlimited 1.5% cash rewards on all purchases.
  • Earn an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases
  • 10% Anniversary Bonus on all Cash Rewards earned once a year.
  • No Annual Fee.
  • 0% Intro APR for 12 months on purchases and balance transfers, then a 15.24%, 19.24% or 25.24% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply.
  • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase, every day
  • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 16.24%-26.24% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 16.24%-26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • Pay no annual fee or foreign transaction fees
  • Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
  • Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 16.24% - 26.24% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 16.24% - 26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • No foreign transaction fee
  • No annual fee
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